What did president Andrew Jackson destroyed this by vetoing he renewal of its charter?

Answer 1

Jackson destroyed the Second National Bank of the United States by vetoing the renewal of its charter. He felt that the bank only made the rich richer, allowed for foreign interests in the United States, had too much power over congress, and favored northeastern states over western and southern states. With the void caused by the banks demise all investments were placed in local and state banks. Later Jackson would cause the Panic of 1837 by issuing an executive order called Specie Circular. This order made only gold and silver valid for purchasing public lands rather than paper money. This led to a run on the local and state banks who did not have enough gold and silver to exchange for the people's money. These smaller banks now had no choice but to close because of they no longer had any gold or silver in their accounts. With no banks to issue credit this caused a deep and long depression.